From Forum Nokia Wiki

SVG(scalable vector graphics) icons sometimes do not show up on S60 3rd edition devices when built with S60 3rd edition FP1 SDK.

This problem is because of the fact that mifconv.exe compresses the icons which the devices are unable to read.

To fix this issue,disable the SVG compression option by specifying '/X' option in mifconv.exe.

mifconv $(ICONTARGETFILENAME) /X /c32 ..\gfx\qgn_menu_webclient.svg

For more details look into this post